By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has met with Kati Al-Juboori, the CEO of Russia's Lukoil, and his entourage. During the meeting the two parties discussed ways to develop the oil sector in Iraq. Mr. Al-Juboori praised the keenness of the Ministry of Oil to cooperate with global companies and provide […]
Russia's Lukoil has signed contracts with the state-owned Iraqi Oil Exploration Company to carry out seismic surveys at the Eridu field in Block 10, and also at Block 10's southern and central parts, previously not part of the survey. The scope of appraisal works at Eridu field includes a 3D seismic survey of 983 square kilometers to […]
By John Lee. Russian oil company Lukoil has said it will present its plans t0 develop the West Qurna 2 oil field to the Ministry of Oil by the end of the month. Company boss Vagit Alekperov (pictured) told reporters that his company is negotiating regarding production volumes, timelines, and investment. (Source: TASS)
By John Lee. Sources have told Reuters that China's state-run Zhenhua Oil will supply diesel (500 parts per million (ppm) sulphur) to Iraq's State Oil Marketing Organization (SOMO) through a term contract for the first time. It will supply 600,000 tonnes of the 2.37 million tonnes sought by SOMO in a tender for delivery in […]
By John Lee. Reuters reports that following the setting up a new oil trading firm with Lukoil subsidiary Litasco, the State Oil Marketing Organization (SOMO) is considering setting up similar ventures in shipping and oil storage. The news agency quotes the head of SOMO, Falah Alamri, as telling the CWC Iraq Petroleum Conference: “The idea is […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) and Russia's Litasco — Lukoil‘s international marketing and trading arm — have set up a joint oil trading company in Dubai. A source told Reuters that the new venture, LIMA Energy, is building a team to work at the Dubai Multi Commodities Centre (DMCC) to trade […]
Russia's LUKOIL has reported that it has completed a field 3D seismic survey at West Qurna-2 field. The survey covered an area of about 450 square kilometers. The Company has fulfilled all of its contractual obligations to the Ministry of Oil of Iraq. The high-quality seismic data obtained are required for the updating of the […]
The CWC Group’s Director, Nawar Abdulhadi interviews Mr Gati Saadi Al-Jebouri, LUKOIL Vice President, Head of Middle East Upstream in preparation for the 11th edition of the Iraq Petroleum Conference in May. Mr Al-Jebouri gives us his views on the Iraqi industry, how LUKOIL is working successfully in the country and his outlook for the […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) and Russia's Lukoil have formed a joint venture to market crude oil. In a statement, the Iraqi Oil Ministry said Litasco -- Lukoil‘s international marketing and trading arm -- would help sell Iraqi crude and train Iraqi staff in marketing. (Source: Ministry of Oil)
By John Lee. Russia's Lukoil is looking at different ways to increase oil production at West Qurna-2 from the current level of 400,000 barrels per day to 1.2 million bpd. The company's vice president in the region, Gati Al Jebouri [Gati Saadi Al-Jebouri] (pictured), told Gulf News: “Going forward, we are in discussions with Iraqi […]
By John Lee. Lukoil boss Vagit Alekperov (pictured) told reporters on Monday that investment in the West Qurna-2 oil field is estimated at $1.5 billion in 2017. He said the company has already been compensated for about $6 billion of historical costs, adding that he expects to negotiate a revised contract with Iraq with the […]
By John Lee. Russia's Lukoil and Japan's Inpex have successfully completed the testing of the first exploratory well, Eridu 1, at Block 10 in Basra governorate. The well recorded a daily flow rate of more than 1,000 cubic meters of sweet oil from Mishrif horizon, confirming geological expectations of a large hydrocarbon field presence within […]
